This causes $500 to be deducted from the cash account, which occupies the assets side of the equation. At the same time, $500 is deducted from notes payable, which represents part of the ...

Find out if this guide is for you This guide explains how to use the quick method of accounting. It does not apply to qualifying non-profit organizations, municipalities, hospital authorities, ...

Although national income accounting is not an exact science, it provides useful insight into how well an economy is functioning and where money is being generated and spent.

The fundamental accounting equation states that assets are equal to liabilities plus owners' equity. This is a critical concept in the double-entry system of accounting, which also requires that ...